Haaaaaaaaaa!
Those were the words I kept on shouting from the depths of my lungs as I ran as fast as I could, even though my legs failed me nonstop with each step I could take. Sam, run, run, and I said run as fast as you can, that is what my brain kept telling my body as well. So I did as I was told, and the moment I turned to take a sneak peek at what was chasing me or who was chasing me, to the fullest extent of my vision, it was the economy.
I know it might sound a bit vague to your ear that the Nigerian economy was chasing me. Is it a human being, you may ask, but at this point, it is even worse than that. The struggle that comes with facing unrelenting inflation is becoming increasingly difficult to bear in the country at the moment. It all started with petrol getting a significant hike in price after the removal of the subsidy, and in return, inflating the price of other goods and services.
Now that the new tax reform is coming in next year, it will surely have more to do for the Nigerian citizens. The tax comes to every individual in the country earning more than 800 thousand annually, who will get a tax of 20% and some get up to 25%. This is what it means. If you are making less than the minimum wage of N70,000 in Nigeria, you do not get any form of tax; obviously, the money is not even enough, given the current inflation in the price of things. But if your income for a year is more than N800,000, you will pay 20% in tax.
Even digital assets: crypto, stocks, bonds, and other financial instruments are not exempted. Starting from January 2026, there will be a 25% tax on capital gains on any digital asset you own. Let's say you buy BTC and sell it off with a profit. The profit you gain on the BTC acquired gets taxed at a rate of 25%.
Now, can you see why I said I was being chased by the economy? The struggle in the country is still looming, and conversations online keep on going on the fact that a country like Nigeria, which has been known for its previous mismanagement of its resources and is drenched in corruption, now increases its taxation. I know it is the civic duty of a citizen or even the resident of a given location to pay their taxes, but I tell you, it is going to be hard to do so in a country that has not been civil towards its citizens.
Look around, it is sad that the country is now in a satchet economy where companies and businesses have to constantly reinvent their products into smaller sizes, hence the satchet form to meet the growing cost of things, reducing people's purchasing power. Even top businesses like Shoprite are looking for exits out of the country since the buying power of its customers has reduced significantly.
Living in the country is becoming too much to bear, as the immigration rate into other countries is increasing drastically as well. People are exploring better options, and who can blame them? In the end, it is the citizen who suffers from the repercussions of unplanned agendas and harsh decisions. Living in Nigeria and living in bondage, please tell what is the difference at this point?
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